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Results
03-Nov-22
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Analysis
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Adani Total Gas
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OPM down by 1540 bps to 20.3%
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Adani
Total Gas consolidated net sales increased 72.09% to Rs 1115.5 crore in Q2FY23
compared to Q2FY22 on account of higher volume coupled with increase in sales
price. Operating profit margin has
declined from 35.70% to 20.28%, leading to 2.26% decline in operating profit to
Rs 226.21 crore. Raw material cost as a
% of total sales (net of stock adjustments) increased from 50.24% to
70.10%. Employee cost decreased from
1.83% to 1.26%. Other expenses fell
from 12.28% to 8.17%.
CNG
Volume has increased by 40% Y-o-Y on account of increase consumption along with
network expansion of CNG stations. PNG Volume has decreased by 3% Y-o-Y due to
curtailment of gas supplies from suppliers and high gas prices.
Cost
of gas increased by 170% majorly on account of replacement of APM price with
UBP price for CNG and Domestic PNG segment along with increase in R-LNG price
which is procured for industrial and commercial segment.
Other
income fell 33.07% to Rs 10.06 crore.
PBIDT fell 4.13% to Rs 236.27 crore.
Provision for interest rose 67.93% to Rs 21.31 crore.
PBDT
fell 8.05% to Rs 214.96 crore. Provision
for depreciation rose 32.64% to Rs 27.43 crore.
Profit
before tax down 11.99% to Rs 187.53 crore.
Provision for tax was expense of Rs 48.2 crore, compared to Rs 54.2
crore. Effective tax rate was 23.15%
compared to 25.53%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 1.20% to Rs
160.02 crore.
Equity
capital stood at Rs 109.98 crore as of 30 September 2022 to Rs 109.98 crore as
of 30 September 2021. Per share face
Value remained same at Rs 1.00.
Promoters’
stake was 74.80% as of 30 September 2022 compared to 74.80% as of 30 September
2021.
“ATGL
continued with full vigour and resilience in significantly augmenting and
investing in creating backbone CGD infrastructure across all its Geographical
Areas with crossing 6.25 lakh PNG Home Connections mark, crossing of 10,000
inch-km of steel pipeline, enhancing PNG supplies to 6,088
businesses/industries and enhancing CNG footprint to 367 stations,” said Mr Suresh P Manglani, CEO of Adani
Total Gas. “The CGD industry continues to face a challenging scenario with
significantly higher input gas prices mainly due to geopolitical factors as
well as supply shortages across the globe. In the face of such challenges, we
have been able to maintain our EBITDA on half yearly basis due to growth in
volume. We believe that these challenges are for the short term and that the
infrastructure that we create is for generations to come as we continue to
march with the nation on its journey towards a gas-based economy.”
For year-to-date (YTD)
results analysis
Net
sales of Adani Total Gas have increased 88.87% to Rs 2157.85 crore.
Operating
profit margin has declined from 38.38% to 20.61%, leading to 1.42% rise in
operating profit to Rs 444.76 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
47.47% to 69.52%. Employee cost
decreased from 2.07% to 1.14%. Other
expenses fell from 12.11% to 8.67%.
Other
income fell 17.58% to Rs 19.17 crore.
PBIDT rose 0.46% to Rs 463.93 crore.
PBDT
fell 3.17% to Rs 423.92 crore. Provision
for depreciation rose 30.33% to Rs 51.18 crore.
Profit
before tax down 6.48% to Rs 372.74 crore.
Share of profit/loss was 522.29% higher at Rs 21.22 crore. Provision for tax was expense of Rs 95.57
crore, compared to Rs 101.26 crore.
Effective tax rate was 24.26% compared to 25.19%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company decreased 0.77% to Rs
298.39 crore.
Equity
capital stood at Rs 109.98 crore as of 30 September 2022 to Rs 109.98 crore as
of 30 September 2021. Per share face
Value remained same at Rs 1.00.
Promoters’
stake was 74.80% as of 30 September 2022 ,compared to 74.80% as of 30 September
2021 .
Full year results
analysis
Net
sales of Adani Total Gas have increased 79.16% to Rs 3037.81 crore. Operating profit margin has declined from
41.54% to 25.45%, leading to 9.75% rise in operating profit to Rs 773.00
crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 45.42% to 63.63%. Employee cost decreased from 3.04% to
1.80%. Other expenses fell from 10.03% to 9.20%.
Other
income fell 6.45% to Rs 41.5 crore.
PBIDT rose 8.79% to Rs 814.5 crore.
Provision for interest rose 30.26% to Rs 52.73 crore. Loan funds rose to Rs 1,035.16 crore as of 31
March 2022 from Rs 529.12 crore as of 31 March 2021. Inventories rose to Rs 76.78 crore as of 31
March 2022 from Rs 52.01 crore as of 31 March 2021. Sundry debtors were higher at Rs 186.55 crore
as of 31 March 2022 compared to Rs 103.68 crore as of 31 March 2021. Cash and bank balance rose to Rs 34.32 crore
as of 31 March 2022 from Rs 10.87 crore as of 31 March 2021. Investments rose to Rs 633.92 crore as of 31
March 2022 from Rs 417.33 crore as of 31 March 2021 PBDT
rose 7.56% to Rs 761.77 crore. Provision
for depreciation rose 32.33% to Rs 82.73 crore.
Fixed assets increased to Rs 2,878.01 crore as of 31 March 2022 from Rs
2,050.29 crore as of 31 March 2021.
Intangible assets stood at Rs 25.49 crore.
Profit
before tax grew 5.17% to Rs 679.04 crore.
Provision for tax was expense of Rs 174.38 crore, compared to Rs 159.26
crore. Effective tax rate was 25.50%
compared to 25.60%.
Net
profit attributable to owners of the company increased 10.06% to Rs 509.40
crore.
Equity
capital stood at Rs 109.98 crore as of 31 March 2022 to Rs 109.98 crore as of
31 March 2021. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 74.80% as of 31 March 2022 compared to 74.80% as of 31 March 2021
.
Cash
flow from operating activities increased to Rs 735.72 crore for year ended
March 2022 from Rs 653.50 crore for year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 950.61 crore, compared to Rs
606.43 crore during the year ended March 2021.
The
scrip trades at Rs 3655
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Adani Total Gas : Consolidated
Results
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Particulars
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2209 (03)
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2109 (03)
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Var.(%)
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2209 (06)
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2109 (06)
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Var.(%)
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2203 (12)
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2103 (12)
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Var.(%)
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Net Sales
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1,115.50
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648.19
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72
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2,157.85
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1,142.52
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89
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3,037.81
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1,695.60
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79
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OPM (%)
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20.3
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35.7
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20.6
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38.4
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25.5
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41.5
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OP
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226.21
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231.43
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-2
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444.76
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438.54
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1
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773
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704.32
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10
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Other Inc.
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10.06
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15.03
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-33
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19.17
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23.26
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-18
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41.5
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44.36
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-6
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PBIDT
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236.27
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246.46
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-4
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463.93
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461.8
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0
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814.5
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748.68
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9
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Interest
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21.31
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12.69
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68
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40.01
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23.98
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67
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52.73
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40.48
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30
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PBDT
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214.96
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233.77
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-8
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423.92
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437.82
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-3
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761.77
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708.2
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8
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Depreciation
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27.43
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20.68
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33
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51.18
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39.27
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30
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82.73
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62.52
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32
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PBT
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187.53
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213.09
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-12
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372.74
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398.55
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-6
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679.04
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645.68
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5
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Share of Profit/(Loss) from Associates
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20.69
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-0.77
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LP
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21.22
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3.41
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522
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4.74
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-9.13
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LP
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PBT before EO
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208.22
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212.32
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-2
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393.96
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401.96
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-2
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683.78
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636.55
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7
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EO Income
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0
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0
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-
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0
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0
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-
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0
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-14.47
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-
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PBT after EO
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208.22
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212.32
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-2
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393.96
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401.96
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-2
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683.78
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622.08
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10
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Taxation
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48.2
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54.2
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-11
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95.57
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101.26
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-6
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174.38
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159.26
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9
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PAT
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160.02
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158.12
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1
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298.39
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300.7
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-1
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509.4
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462.82
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10
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Minority Interest (MI)
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0
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0
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-
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0
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0
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-
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0
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0
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-
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Net profit
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160.02
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158.12
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1
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298.39
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300.7
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-1
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509.4
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462.82
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10
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EPS (Rs)*
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#
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#
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#
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#
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4.6
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4.3
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Notes
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* EPS is on current equity of Rs 109.98 crore, Face value of Rs
1, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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